VLCC abandoned and ablaze off Sri Lanka

Older vessels has smaller (or no) finance costs as they have been paid off and written down. Thus they can accept lower T/C rates, which makes them easier to fix. (“Fix” as in Broker speak, not mechanically)

BTW: That they burn more fuel is a negative for the Charterer when on T/C terms, but may be balanced out by lower charter costs…

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I would add chartering a tanker intended for storage where fuel burn is minimal is different than one chartered for transport.


There may be different opinions as to whether older tankers is easier to fix in the present market:

Divers inspection shows that the New Diamond is now safe:
But Sri Lankan authorities still don’t allow “access to safe heaven” in the only port in the vicinity that is deep enough for her to enter to transshipment cargo and bunker fuel.

This has also become the norm, no matter what has been agreed upon internationally. Maritime Law be damned, we don’t care.

PS> Remember Prentice??